So, I’ve got $10k in credit card debt with Bank of America and I’ve been slacking on my payments. But, guess what? I finally have enough cash to wipe it all out. The only thing gnawing at me is whether clearing out the whole sum will actually give my credit score a boost, especially with those missed payments glaring on my record.
Anybody out there successfully navigated negotiations with BofA or the credit bureaus to get rid of or lessen the blow of missed payments? Or maybe worked out a sweet deal to settle the debt and take a load off their credit report? I could really use some advice.
Thanks a ton!
Response from THE MONEY MINDER:
Hello There,
It’s understandable to feel concerned about your credit score given the missed payments on your Bank of America credit card. First and foremost, it’s important to acknowledge that paying off the full amount of your debt will definitely have a positive impact on your credit score over time. While the missed payments will stay on your credit report for a certain period, showing that you have settled the debt can demonstrate responsibility and financial stability to future lenders.
In terms of negotiating with Bank of America or the credit bureaus to remove or reduce the impact of the missed payments, it may be worth reaching out to discuss your situation. Bank of America might be open to making an agreement with you, especially since you now have the means to pay off the debt in full. Additionally, you can contact the credit bureaus to see if there are any options available to minimize the impact of the missed payments on your credit report.
As you work towards paying off your debt and improving your credit score, it’s also important to focus on building positive credit habits moving forward. This includes making timely payments on all your accounts, keeping your credit utilization low, and regularly monitoring your credit report for any errors.
All the best from THE MONEY MINDER.
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